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Tuesday, 9 July 2019

El Nahda Cement to partially suspend main production line for 6 months amid low sales and oversupply

Another cement factory on the ropes? El Nahda Cement has decided to partially suspend the main production line at its Qena factory for six months after sales fell due to oversupply, sources told Al Mal. The Chemical Industries Holding Company increased its stake in El Nahda to 50% earlier this week after it acquired another 30% of the company for EGP 319 mn. It shares ownership of the company with Misr Holding which owns 20% and Arab Contractors which owns 30%. The news comes a few weeks after Heidelberg Cement subsidiary Tourah Cement said it could enter liquidation after suspending production due to oversupply. A World Bank delegation is visiting several industrial zones in Qena today, the local press reported earlier this week.

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